olivLaw · US equity research
A10 Networks, Inc. ATEN
Computer Communications Equipment · SIC 3576 · Vertical: Computer Communications Equipment (SIC 3576)
A10 Networks provides secure application and network infrastructure for telecom operators and enterprises, spanning application delivery, DDoS protection and API security. The company grew revenue 11% in fiscal 2025 and about 14.5% in the first half of 2026, as demand rises for infrastructure built to handle AI workloads.
At the close of 04 Nov 2026, A10 Networks, Inc. (ATEN) stock was 23.81 USD (−2.02% on the day), with market capitalisation 1.7 bn USD, P/E 40.0 on diluted EPS of 0.60 USD over the last 12 months, dividend yield 1.01%, beta 1.11, 52-week range 16.55–38.11 USD. Latest reported quarter (Q2 2026): revenue of 80.1 m USD (+15.5% YoY), net income of 8.9 m USD (−15.7% YoY), diluted EPS 0.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 22.45 – 29.27
- in the lower half of the band · %B 0.20 · band width 26.4%
- SMA 50 / 200
- 26.03 / 26.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.67 / -0.46
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.5% | −2.0% | −13.5 pp | — |
| 3 months | −22.8% | −2.2% | −20.6 pp | — |
| 6 months | −10.9% | +4.3% | −15.2 pp | — |
| Year to date | +34.6% | +10.6% | +24.0 pp | — |
| 1 year | +35.9% | +10.5% | +25.4 pp | −9.0% |
| 3 years | +117.8% | +73.7% | +44.2 pp | +48.3% |
| 5 years | +43.7% | +61.7% | −18.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66.7 m | 74.2 m | 66.1 m | 69.4 m | 74.7 m | 80.4 m | 75.0 m | 80.1 m |
| Cost of revenue | 13.0 m | 14.9 m | 13.4 m | 14.7 m | 14.8 m | 17.1 m | 15.3 m | 16.8 m |
| Gross profit | 53.7 m | 59.3 m | 52.7 m | 54.7 m | 59.9 m | 63.3 m | 59.7 m | 63.4 m |
| Research & development | 15.7 m | 13.2 m | 15.9 m | 16.3 m | 18.4 m | 18.6 m | 19.0 m | 21.2 m |
| Operating income | 10.4 m | 18.4 m | 8.8 m | 10.3 m | 13.0 m | 15.1 m | 13.0 m | 9.0 m |
| Depreciation & amortisation | 2.7 m ≈ | 3.0 m | 3.4 m | 3.7 m ≈ | 3.8 m ≈ | 4.0 m | 4.0 m | 4.4 m ≈ |
| Interest expense | — | — | 300.0 k | 1.9 m | 1.9 m | 1.8 m | 1.9 m | 1.9 m |
| Income tax | 1.8 m | 3.2 m | 935.0 k | 1.4 m | 1.8 m | 6.2 m | 2.2 m | 1.0 m |
| Net income | 12.6 m | 18.3 m | 9.5 m | 10.5 m | 12.2 m | 9.9 m | 12.0 m | 8.9 m |
| Diluted EPS | 0.17 | 0.24 ≈ | 0.13 | 0.14 | 0.17 | 0.14 ≈ | 0.17 | 0.12 |
| Operating cash flow | 20.1 m ≈ | 25.7 m | 17.2 m | 22.2 m ≈ | 22.8 m ≈ | 22.7 m | 2.2 m | 29.1 m ≈ |
| Capex | 3.5 m ≈ | 2.4 m | 4.5 m | 4.2 m ≈ | 4.7 m ≈ | 6.7 m | 2.9 m | 1.6 m ≈ |
| Dividends paid | 4.4 m ≈ | 4.4 m | 4.4 m | 4.3 m ≈ | 4.3 m ≈ | 4.3 m | 4.3 m | 4.3 m ≈ |
| Share repurchases | 9.4 m ≈ | 5.8 m | 47.0 m | 3.9 m ≈ | 11.0 m ≈ | 6.9 m | 2.5 m | 2.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 25-quarter history (min 11.2, median 26.7, max 136.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 232.2 m | 212.6 m | 225.5 m | 250.0 m | 280.3 m | 251.7 m | 261.7 m | 290.6 m |
| Revenue YoY | −1.4% | −8.4% | +6.1% | +10.9% | +12.1% | −10.2% | +4.0% | +11.0% |
| Net income | -27.6 m | -17.8 m | 17.8 m | 94.9 m | 46.9 m | 40.0 m | 50.1 m | 42.1 m |
| Net income YoY | unavailable | unavailable | unavailable | +432.6% | −50.6% | −14.8% | +25.4% | −16.0% |
| Diluted EPS | -0.38 | -0.23 | 0.22 | 1.19 | 0.60 | 0.53 | 0.67 | 0.57 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +440.9% | −49.6% | −11.7% | +26.4% | −14.9% |
| net % | -11.9% | -8.4% | 7.9% | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% |
| Free cash flow | -5.5 m | -4.8 m | 51.7 m | 44.9 m | 55.3 m | 33.6 m | 78.2 m | 64.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 71.1 m USD
- Financial debt
- 218.8 m USD
- Net debt
- 147.6 m USD
- Equity
- 211.5 m USD
- Total assets
- 629.8 m USD
- Debt / equity
- 1.03x
- Current ratio
- 3.56x
- ROE
- 19.0%
- ROA
- 7.9%
- FCF margin
- 22.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 225.5 m | 250.0 m | 280.3 m | 251.7 m | 261.7 m | 290.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 50.1 m | 53.5 m | 56.8 m | 48.0 m | 51.4 m | 60.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 175.4 m | 196.5 m | 223.5 m | 203.7 m | 210.3 m | 230.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 58.1 m | 54.1 m | 58.4 m | 55.2 m | 57.7 m | 69.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 17.7 m | 33.4 m | 53.1 m | 38.6 m | 44.0 m | 47.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 11.3 m | 8.9 m | 7.4 m | 9.3 m | 11.3 m | 14.9 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 29.0 m ≈ | 42.3 m ≈ | 60.5 m ≈ | 48.0 m ≈ | 55.3 m ≈ | 62.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 1.0 k | 0 | — | — | — | 5.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 19.1 m | 31.6 m | 52.7 m | 43.8 m | 58.1 m | 52.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 1.3 m | -63.2 m | 5.8 m | 3.8 m | 8.0 m | 10.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 17.8 m | 94.9 m | 46.9 m | 40.0 m | 50.1 m | 42.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 0.22 | 1.19 | 0.60 | 0.53 | 0.67 | 0.57 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 80.0 m | 80.0 m | 77.8 m | 75.6 m | 75.3 m | 73.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | — | 0.20 | 0.24 | 0.24 | 0.24 | 0.24 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 83.3 m | 78.9 m | 68.0 m | 97.2 m | 95.1 m | 71.1 m | SEC (XBRL)· 07 May 2026verified |
| Receivables | 51.1 m | 61.8 m | 72.9 m | 74.3 m | 76.7 m | 62.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 20.7 m | 22.5 m | 19.7 m | 23.5 m | 22.0 m | 18.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 242.3 m | 284.0 m | 257.0 m | 271.8 m | 307.3 m | 476.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 7.9 m | 10.7 m | 19.7 m | 29.9 m | 39.1 m | 50.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 15.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 862.0 k | 0 | 0 | 0 | 0 | 6.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 290.8 m | 393.1 m | 369.1 m | 389.8 m | 432.8 m | 629.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 4.9 m | 6.9 m | 6.7 m | 7.0 m | 12.5 m | 11.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 06 Aug 2026verified |
| Long-term debt | — | — | — | — | 0 | 218.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 107.8 m | 116.1 m | 118.2 m | 111.1 m | 123.6 m | 133.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 174.8 m | 184.2 m | 188.1 m | 181.9 m | 201.0 m | 418.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 116.0 m † | 208.9 m † | 181.0 m † | 207.9 m † | 231.8 m † | 211.5 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 55.3 m | 50.1 m | 66.1 m | 44.5 m | 90.5 m | 84.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 3.6 m | 5.2 m | 10.8 m | 10.9 m | 12.3 m | 20.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 51.7 m ≈ | 44.9 m ≈ | 55.3 m ≈ | 33.6 m ≈ | 78.2 m ≈ | 64.8 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | 5.2 m | -38.1 m | 11.1 m | 13.6 m | -48.4 m | -243.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -22.9 m | -16.4 m | -88.1 m | -28.8 m | -44.3 m | 134.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 0 | 3.9 m | 15.9 m | 17.8 m | 17.8 m | 17.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 32.5 m | 18.3 m | 79.3 m | 16.0 m | 30.1 m | 68.9 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Returns72
- Quality87
- Balance sheet23
- Growth23
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 22.27 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)9.69 – 16.53 (Mid 12.30)WACC 8.8% · starting FCFF 66.8 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 28.5%
- Peers: EV/Sales0.00 – 14.49 (Mid 4.92)7 companies used · median multiple 1.7x · quartiles 0.4x – 3.9xBOSC, CSCO, DGII, EXTR, FOXX, HUBC, LTRX
- Peers: EV/EBITDA12.48 – 22.27 (Mid 22.06)3 companies used · median multiple 26.7x · quartiles 16.2x – 26.9xBOSC, CSCO, DGII
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 79.4% | 98 (on a fixed band) | 11% |
| EBIT margin · Quality | 16.1% | 80 (vs peers) | 9% |
| FCF margin · Quality | 19.6% | 79 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 1.2% | 5 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 11.0% | 60 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 2.5x | 17 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.3x | 29 (on a fixed band) | 6% |
| EV/Sales · Valuation | 6.1x | 14 (vs peers) | 17% |
| FCF yield · Valuation | 3.5% | 70 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.3% | 72 (on a fixed band) | 4% |
Score groups
- Balance sheet23/100 · 2/2 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality87/100 · 3/3 factors with a value
- Returns72/100 · 1/1 factors with a value
- Valuation38/100 · 2/2 factors with a value
Memo
A10 Networks, Inc. (ATEN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 290.6 m USD in 2025; YoY growth 11.0%; net margin 13.9%; ROE 19.4%; net debt/EBITDA 2.5x.
The estimated value range is 9.69–16.53 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 12.30 USD, the price of 23.81 USD leaves a potential of -48.3% (value / price − 1) and a margin of safety of -93.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 79.4%
- EBIT margin: 16.1%
- FCF margin: 19.6%
- FCF yield: 3.5%
- Shareholder yield (distributions): 2.3%
What contradicts it
- Revenue CAGR 3Y: 1.2%
- Net debt / EBITDA: 2.5x
- Current ratio: 1.3x
- EV/Sales: 6.1x
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Computer Communications Equipment (SIC 3576) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CSCOCisco Systems, Inc. | 406.0 bn | 30.9 | 27.3% | 21.0% | +11.8% | +34% / +113% |
| ANETArista Networks, Inc. | 214.3 bn | 53.6 | 31.5% | 38.4% | +28.6% | +30% / +209% |
| FFIVF5, Inc. | 18.8 bn | 26.4 | 19.8% | 22.0% | +9.7% | +38% / +93% |
| EXTRExtreme Networks, Inc. | 3.0 bn | 58.0 | 67.1% | 4.0% | +12.6% | +31% / +42% |
| DGIIDigi International Inc. | 2.8 bn | 57.5 | 7.5% | 9.6% | +1.5% | +74% / +208% |
| ATENA10 Networks, Inc. | 1.7 bn | 40.0 | 19.4% | 13.9% | +11.0% | +36% / +118% |
| NTGRNETGEAR, Inc. | 606.6 m | — | -5.3% | -3.7% | +3.8% | −16% / +64% |
| ALLTAllot Ltd. | 421.3 m | 108.3 | 4.5% | 3.6% | +10.6% | −10% / +541% |
| LTRXLantronix, Inc. | 263.9 m | — | -4.3% | -3.5% | −1.6% | +10% / 0% |
| SILCSilicom Ltd. | 181.2 m | — | -9.4% | -18.5% | +6.6% | +112% / +95% |
| BOSCBos Better Online Solutions Ltd | 29.8 m | 7.4 | 14.4% | 7.1% | +26.6% | −9% / +48% |
| CIITTianci International, Inc. | 16.5 m | — | -59.1% | -14.7% | +7.7% | −93% / −96% |
| FOXXFoxx Development Holdings Inc. | 13.3 m | — | — | -100.2% | −20.2% | −58% / −83% |
| INTZIntrusion Inc. | 11.9 m | — | -140.9% | -194.0% | +21.6% | −66% / −93% |
| WLDSWearable Devices Ltd. | 4.2 m | — | -72.3% | -1,253.0% | +23.9% | −92% / −100% |
| HUBCHUB Cyber Security Ltd. | 3.4 m | — | — | -134.5% | −30.7% | −100% / −100% |
1- and 3-year price returns: for ATEN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.53 Total return -42% · Per year -42% | 23.96 Total return 2% · Per year 2% | 36.14 Total return 53% · Per year 53% |
| 3 years | 12.27 Total return -46% · Per year -19% | 24.54 Total return 6% · Per year 2% | 40.76 Total return 75% · Per year 21% |
| 5 years | 11.13 Total return -50% · Per year -13% | 25.13 Total return 11% · Per year 2% | 45.97 Total return 100% · Per year 15% |
- Exit P/E± 6.13
- Net margin± 4.29
- Annual revenue growth± 3.64
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
A10 Networks provides secure application and network infrastructure for telecom operators and enterprises, spanning application delivery, DDoS protection and API security. The company grew revenue 11% in fiscal 2025 and about 14.5% in the first half of 2026 13, as demand rises for infrastructure built to handle AI workloads.
SWOT
Strengths
- The company has a unified architecture built on its ACOS system and a long record of performance in demanding, mission-critical environments 1. A broad channel network and long-standing relationships with large customers give it wide global reach 1.
- Revenue has grown in recent periods and the business generates cash, with considerable liquidity on hand 12. The agreement with a major cloud provider and the TrojAI acquisition strengthen its position in AI security 23.
- Maintenance and support bought alongside equipment create recurring revenue and long customer relationships 1.
Weaknesses
- Dependence on a small number of large customers and on distribution channels makes quarterly revenue hard to predict 12.
- The company is far smaller than its competitors, which limits its research budget and its room to respond to price pressure 1.
- Much revenue comes from orders received near quarter-end, which amplifies swings between periods 1.
Opportunities
- Demand for AI security and for infrastructure built for AI workloads could grow if the TrojAI integration succeeds 12. Expansion in the Americas, where the region has grown quickly, may continue if sales are consolidated 2.
- A shift toward subscriptions and software deployments could increase recurring revenue and flexibility for customers 1.
- Partnerships with major cloud providers could open access to new customers, particularly if multi-year agreements translate into large-scale deployments 23.
Threats
- Tariffs and trade restrictions could affect demand and component costs, and the company may need to pass some of these on to customers 12.
- Large competitors with broad portfolios could bundle products or price aggressively, which could reduce market share 1.
- If customers prefer integrated cloud solutions from large providers, they may cut purchases of dedicated appliances 1.
Risks
- Customer concentrationhigh
A small number of large customers accounts for a major share of revenue, and a delayed or lost large order can change quarterly results 12.
- Competition from larger companieshigh
Larger competitors have more resources, distribution and customers, which can pressure prices and market share 1.
- Tariffs and international trademedium
Trade measures and countermeasures can create macroeconomic volatility and raise costs, which the company says it may need to pass on 12.
- Supply chain dependencemedium
Hardware manufacturing is outsourced, and disruption at original design manufacturers can delay deliveries and revenue recognition 1.
- Execution of the AI strategymedium
New acquisitions and agreements must be integrated and turned into revenue; if they fall short, financial results could be weaker than expected 12.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Dependence on large customers and on orders concentrated near quarter-end makes results hard to predict and can lead to quarterly disappointments 12.
- Competition from companies many times larger could pressure prices and margins, especially if they offer integrated bundles 1.
- Tariffs and trade volatility could slow customer spending and raise component costs 12.
What to watch
- Third-quarter 2026 results, especially the enterprise share of revenue and Americas growthQ3 2026
- Integration of TrojAI and its contribution to AI security revenue2026
- Progress of the Microsoft agreement and the vesting periods of the related warrant2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
A10 Networks is a global provider of secure application and network solutions for enterprises and service providers, deployable on-premises, in hybrid cloud and at the edge 1. Its portfolio combines application delivery, traffic management, DDoS protection, application and API security and a central management platform, all built on its proprietary ACOS operating system 1. Revenue comes mainly from networking and security products, licences and maintenance and support services 1.
The sales model pairs a direct, high-touch sales force with a network of distributors and resellers through which nearly all orders pass 1. The company outsources hardware manufacturing to original design manufacturers and performs quality assurance in its San Jose, Taiwan and Japan centres 1. Maintenance and support are usually bought with the equipment and renewed over time, giving part of revenue a recurring character 1.
Segments
Enterprises
Enterprise customers made up 40% of revenue in 2025 1 and 60% in the second quarter of 2026 2. Demand comes from securing critical applications, hybrid architectures and infrastructure for AI workloads. The company expects the shift in demand from service providers toward enterprises to continue in the near term 1.
Market context
The company operates at the intersection of network infrastructure, application delivery and cybersecurity, markets that management describes as highly competitive and continuously evolving 1. Growth in AI workloads, east-west data centre traffic and application-layer attacks pushes customers toward integrated solutions rather than point products 1. The company does not regard any single company as dominant in these markets 1.
Trends
- AI infrastructuretailwind
Generative AI adoption increases concurrent connections and east-west traffic inside data centres, creating new performance and security policy needs 1. The company acquired TrojAI and signed a multi-year agreement with a major cloud provider, which could support growth if demand materialises 23.
- More complex cyber threatstailwind
DDoS attacks, bot abuse and API exploitation are becoming more frequent and sophisticated, and solutions must combine performance with security at scale 1. This favours the A10 Defend portfolio but requires continued investment in research and development 1.
- Shift to cloud and subscription modelsmixed
Customers increasingly prefer term licences, subscriptions and software deployments over perpetual-licence hardware 1. This shift could smooth revenue over the long term but may slow immediate recognition of it 1.
- Uneven, tariff-sensitive demandheadwind
Trade policies make customer spending uneven, and the company says it may need to pass tariff-related input cost increases on 12. In 2023 orders were delayed by customer uncertainty, a vulnerability that remains 1.
Competitive position
Competitors include DDoS specialists such as Arbor Networks (NetScout), Radware and F5, application delivery vendors such as F5 and NetScaler, and network equipment makers such as Cisco, Hewlett Packard Enterprise and Fortinet 1. Cloud protection providers such as Akamai, Cloudflare, Imperva and Amazon Web Services also compete 1.
Many competitors are much larger and have greater financial resources, distribution and broader portfolios that let them bundle products or price aggressively 1. The company says it can compete if it offers a better solution at a competitive price, but may need substantial further investment in research and sales 1.
- F5, Inc.FFIV
Application delivery and security vendor active in both traditional ADC and DDoS solutions, named by the company among its main competitors 1.
- Cisco SystemsCSCO
Network and security equipment maker offering CGN and firewall solutions that the company treats as competing products 1.
- Akamai TechnologiesAKAM
Cloud security and application protection provider including WAAP services, identified as a competitor in cloud-based security 1.
- CloudflareNET
Cloud application protection and web security provider, named among competitors in the WAAP segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Sept 2026Departure or appointment of officers
- Current report07 Aug 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report05 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report07 May 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report01 May 2026Departure or appointment of officers
- Current report28 Apr 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Apr 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / A10 Networks, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / A10 Networks, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / A10 Networks, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.